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By focusing almost exclusively on disruption, blockchain proponents can ignore the important role of adoption by existing players in finance and other industries.
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Seemingly out of nowhere, we have now an entire suite of technology that could conceivably displace and even replace national money, traditional payment options, and even regulated capital markets, and bring us something new and much more wonderful.
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With the stroke of a pen, President Donald Trump may have just accomplished what most observers thought impossible: he’s made the Petro relevant.
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In the ideal world, you invent something wonderful, the world celebrates and starts using it. You get rich. We can dream, can’t we?
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The contrasting supply and demand mechanisms of Bitcoin and gold mining pose real challenges to the cryptocurrency’s future.
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Wyoming has a thin population base, astonishing natural beauty, and a wonderful crew of politicians and regulators who believe in independence, innovation, and technological progress. Thanks to some wise activism from knowledgeable people in the space, the legislature just passed a series of bills that will make Wyoming something of a safe space for crypto.
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In an article in The Guardian this week, economists Nouriel Roubini and Preston Byrne call blockchain “one of the most overhyped technologies ever.” In an earlier piece, Roubini predicts that Bitcoin and other cryptocurrencies collectively are “the mother of all bubbles.”
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By having users volunteer the CPU power to mining, websites could find that they will earn more from mining than from subscriptions or ads. This could change everything.
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The crypto community often forgets that there are costs to decentralization in addition to benefits.
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There are two important differences between modern cryptocurrencies and the competitive monies F.A. Hayek envisioned.
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The blockchain represents a source of money creation that, during a crisis, might limit the extent to which asset prices fall.
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It is absolutely essential to understand the distributed model even to have a first-level conception of what cryptocurrency really is. It is not a proprietary product. It is not a company. It is not even a brand. It is a technology. It is a technology that, by design and structure, doesn’t have an owner – or, more accurately, it is owned by anyone and everyone. It is a distributed ledger. The purpose of it is to carefully delineate ownership claims and provide a chronological and immunity audit trail of changes in ownership rights. Bitcoin is a token that provides evidence of authority and access to make changes in the ledger, and thereby absorbs and reflects the value of the services provided by the ledger itself.
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